NZ: Rapid house price rises ‘unsustainable’

The rapid rises in house prices in the Auckland and Christchurch markets are unsustainable, says Westpac. The bank released a report on the housing market today saying increasing values in those areas were due to a shortage of homes and that the rest of the country was unlikely to see such large rises.
“We expect higher interest rates and a burst of construction activity to curtail the market in years to come,” Westpac chief economist Dominick Stephens said………………………………………..Full Article: Source